In very basic math, someone who earns $83,333 a month ($1 million annually) finished paying into Social Security by the end of February.
By contrast, CEPR notes that 94% of workers makes less than $160,200 a year, and will pay the 6.2% Social Security payroll tax on all of their paychecks.President Biden released his budget on Thursday with a price tag of nearly $7 trillion dollars. It hikes taxes on top earners and is full of Democrat priorities. FOX's Madeleine Rivera reports on what Republicans are saying about the budget.
At a time when there is a growing number of people receiving benefits, in the face of shrinking resources, there is discussion in Washington about changing Social Security eligibility or cutting benefits. According to the 2022 Social Security Trustees report, Social Security reserves are expected to be depleted in 2034.Raising the cap on earnings is one issue being considered.
Supporters say it is a strategy to keep Social Security solvent, while critics say it could amount to one of the largest tax-hikes ever levied.
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